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Arsene Wenger today welcomed the dawn of a new era at Arsenal as American Stanley Kroenke moved a step closer to taking total control at the Emirates.
Kroenke increased his stake to 62.89 per cent this morning following an announcement to the London Stock Exchange that an agreement has been reached to buy shares from Danny Fiszman and Lady Nina Bracewell-Smith.
Under takeover rules, the 63-year-old has now made an offer for the remaining shares at £11,750 each and an offer document must now be sent to other shareholders in the next 28 days.
Wenger, who masterminded Arsenal's 3-1 Premier League victory at Blackpool yesterday, welcomed Kroenke's move.
"I have worked with Stan Kroenke at board meetings over the past couple of years and I believe he has the best interests of Arsenal at heart," he said.
"He understands the club's heritage and traditions and our ambition to run the club in a way which protects our long -term future."
The deal values Arsenal at around £731million and Kroenke, whose company Kroenke Sports Enterprises also owns a number of other sporting franchises including the NFL's St Louis Rams and the NBA's Denver Nuggets, expressed his continuing support for Wenger.
"We are excited about the opportunity to increase our involvement with and commitment to Arsenal," he said in a statement.
"Arsenal are a fantastic club with a special history and tradition and a wonderful manager in Arsene Wenger.
"We intend to build on this rich heritage and take the club to new success. I am delighted that Peter Hill-Wood has agreed to support us by continuing as chairman.
"We especially wish to acknowledge and thank the board, Danny Fiszman and the Fiszman family as well as Lady Nina Bracewell-Smith and her family for the confidence they have had in me over the past years and in allowing us to move forward in this more prominent role."
Hill-Wood said: "The board of directors and I consider it a key responsibility to protect the ethos and spirit of the club. Mr Kroenke, although relatively new to Arsenal, has shown himself to be a man who values and respects the history and traditions of this very special club that we cherish. We are confident that he will be a safe custodian of its future."
Kroenke's purchase has in part been driven by a marked deterioration in the health of key director Danny Fiszman. The 66-year-old director, who lives in Switzerland, has been battling throat cancer and is thought to be "seriously ill" with sources claiming he may only have weeks to live. Kroenke has been identified by senior club officials as the individual best placed to uphold the traditions of the club which has prompted Bracewell-Smith, whose family - on her husband's side - have an association with the club dating back more than 70 years since 1949, to sell her shares.
Chairman Hill-Wood and directors Ken Friar, Sir John Keswick and Lord Philip Harris have all sold their nominal shares to Kroenke, who has indicated they will remain on the board.
The club's other major shareholder, Alisher Usmanov, today refused to confirm Red and White Holdings will accept Kroenke's offer to secure complete control of Arsenal and will "consider his position".
Usmanov will now use this time to ponder his next move and Standard Sport understands the Uzbeki's camp has been surprised by the timing of the takeover from the American which was unexpected.
Usmanov does not hold a seat on the board and a spokesman for Red and White told Standard Sport: "We have no comment to make. We are considering our position in light of this news."
With a 27 per cent stake, Usmanov could block any attempt of a capital restructure of the club as such a move requires 75 per cent approval, but he would be unable to influence the day-to-day running, including player transfers and contract negotiations.
Red and White could attempt a hostile takeover but any rival bid is highly unlikely and would almost certainly fail given the level of support behind Kroenke.
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Reader views (18)
Well he would, would'nt he?
- Mike Coventry, Hertford GB, 12/04/2011 13:45
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To Toots impersonating me, once again, nobody believes you as your comments clearly illustrate your ignorance & clear lack of intellect. I fully support & recognise everything that the superb Arsene Wenger has achieved at Arsenal. When Toot have a manager who can match what Wenger has achieved in his career please let me know. Until then remember the pain just goes on....
- Rob Gooner, North London, 12/04/2011 08:31
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Well Aesen would back his new boss but does the new boss back him ? I hope not we need a new manager, how about BIG SAM he would stop us falling apart.
- Rob Gooner, North London, 11/04/2011 19:36
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Stan the Man has already said he's paying "cash" and not on loans. It's totally different to the Utd and Liverpool takeovers.
Fiszman is ill anyway and Bracewell-Smith has been looking to sell her shares for a while. Stan won't exactly pump money into Arsenal and they'll probably be little change from now with regards to money as Arsenal want to be self sustaining.
- Livers, Bermondsey, 11/04/2011 16:52
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why are most people talking like they a) know stan himself and how he does business and raise money and b) how he will run arsenal.
by all means make guesses, but please dont place them here as though they are gosple. no-one at this stage knows if raising £730m is going to be through loans, asking his wife for some petty cash or finding this down the back of his sofa. so get real people.
p.s. us arsenal fans do want trophies, dont speak for us or assume a couple of comments speak for the thousands.
- Yup, another Gooner, London, 11/04/2011 15:45
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Acquistions! In any business, the Yanks are purely driven on making money! Despite Arsenal's lack of 'trophy' success that does not deter them as Arsenal are still an excellent money spinner. Despite being a Spurs fan I wouldnt like to see Kroenke have to raise £730m which will immediately put AFC in debt like the Glazers did with MUFC. Maybe im more of a tradionalist but big business has gripped these footballing shores which makes the Prem the strongest league in the world ! Spains economic issues and Barca/Real's astrnomic debts may soon attract American suitors. Soon European football will be run by the same people who run US football, basketball, baseball & hockey etc. Franchise type sport, no heart and soul-less profit making. Reality Bites!
- Same Old Tottenham, UK, 11/04/2011 14:48
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Seems like a good fit; from the manager to the fans, everyone at arsenal seems more bothered about making money than filling the very, very, very empty trophy cabinet. I can't understand why the fans take such pride in their club's profit as though it's some sort of de facto trophy.
- ST, London, 11/04/2011 14:11
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Come on Usmanov, launch a counterbid! With Silent Stan at the helm it will only be more of the same, Wenger will continue with the same old tired "we are building for the future" and delivering nothing, as nobody on the current board ever questions him.
- redsquare, london, 11/04/2011 13:59
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Why are people assuming that he's going to riddle the club with debt barely a day after he's increased his stake in the club? Baffling really, none of you have any idea of his plans.
Anything that stops Usmanov increasing his shares and getting a seat on the board is a good thing in my book. Kroenke doesn't seem the type to go up Liverpool and rinse 50 mil on a player just for the fun of it. He knows how we do things and will put forward ideas he has, but I'm not expecting drastic changes. Time will tell.
- Jay, London, 11/04/2011 12:39
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Don't want to rain on the Arsenal parade, but he may run financially successful teams but not successful in terms of winning cups.
I would have gone for the Russian.
- Bill, London, 11/04/2011 12:22
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Kronke's reported wealth is £1.2 bill, which is not too far off what Abramovich has spent at Chelsea. Not even in the same league as Abramovich.
- East, London, 11/04/2011 11:42
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Quote from Arsenal website:
Mr Kroenke has a proven track record of successful long-term investment in sport and has confirmed that he has asked the existing Board to remain in place. This includes Mr Peter Hill-Wood as Chairman. Mr Kroenke is also fully supportive of Manager Arsène Wenger whom he has stated is a wonderful manager.
KSE has also stated that the offer will not be funded by debt finance secured against the Club.
The Independent Directors of Arsenal comprising of Mr Hill-Wood, Ivan Gazidis, Ken Friar, Sir Chips Keswick and Lord Harris of Peckham have considered these confirmations as well as the Offer price and, having received advice from an independent adviser, Rothschild, are recommending that shareholders accept the Offer.
- Silvio, Brighton, 11/04/2011 11:40
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He knows what make people want to pay good money to watch and that’s entertainment which Arsenal have been lacking for many years and as an Arsenal fan of some 35 years I feel the pain. He was named after 2 baseball players (Enos & Stanley) so has a long association with healthy competitive sport and the subsequent empire he has built around his passion.
Let’s all wish him well and hope he’ll make the money available to take away the monopoly Man U have over the Premiership and re distribute the spoils to some of the other teams for many years to come which has to be a good thing for all the impartial fans out there.
The dawn of a new era for all us Gooners out there, come on show your colours and get behind the guy who could make our decade of dreams come true.
- Bazza Boom, Happy Hampshire, 11/04/2011 11:28
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Good. He can take some advice from the Glazers on how to run the club and increase its debts.
- John Buckeridge, London, 11/04/2011 10:46
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"As a Chelsea fan, I'm sure its only a matter of time before he gets bored and leaves. Will Arsenal now buy the league?- Lance Johnson, Canterbury, Kent, 11/04/2011 08:48"
Dont you know Lance its O.K for Arsenal to buy the title just like all the year they held the monopoly on buying power and winning all the trophies.ts o.k for them to have a sugar daddy. Lets just hope he is as frugal as Whinger. I believe he is wealthier than Abramovic by the way. I will end on a song we can sing to them now as well as Manure "U.S.A.U.S.A"
- Tom, Colchester, 11/04/2011 10:19
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redaquare, I dont think we will head down the roman way of doing things, with hill-wood still there and stan's quieter approach, not too much will happen that is dramatic. and as for the debt, well his wife makes him look like he is on state benefits, as she is wall-mart heiress, so doubt money is an issue, although doubt they will put their own money in, as he know's thats not the way we do things.
- Yup, another Gooner, London, 11/04/2011 10:15
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Nope we won't buy the league, this is a guy who for 4 years has mode no statement regarding his intentions, alledgedly still hasn't paid for some of the shares he already has, and barely attended a game. We suspect he will do nothing but load us with debt!
- redsquare, london, 11/04/2011 09:48
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As a Chelsea fan, I'm sure its only a matter of time before he gets bored and leaves. Will Arsenal now buy the league?
- Lance Johnson, Canterbury, Kent, 11/04/2011 08:48
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